The expenses you should declare – and rather leave out – to get the best possible home loan in South Africa

[BusinessTech]

The expenses you should declare – and rather leave out – to get the best possible home loan in South Africa

Consumers who fail to correctly declare expenses when completing a bond application may limit their chances of getting the best home loan deal possible.

 

[rietrot]

You shouldn't leave anything out. If you need to start leaving expenses out you are living way above your means. A fancy house won't impres anyone and only cause you stress. Buy something were you don't need to BS your way in and get your finances in order.

 

[Venomous]

People should rather not MAX out on what the bank will lend them for their home.

We recently bought for about 55-60% of what the bank was prepared to give us. That way we could have funds available for those extra things that are sometimes required/wanted.

We do own another property, financed with the same bank, so we got a great interest rate.

 

[Willie Trombone]

Yeah... banks not awarding loans is not the problem of our century. Quite the contrary.

 

[Grubscrew]

Banks should be just as strick with car loans and credit cards as they are with home loans.

 

[Lee-15]

Sorry to hijack the post

Just needed some advice..

Can i apply to multiple banks for a home loan? If i am approved in principle, does that also include the interest rate? Will a property evaluation only be done if i accept the banks offer?

So confused about the processes involved in applying to multiple institutes.

Tia

 

[rorz0r]

Sorry to hijack the post

Just needed some advice..

Can i apply to multiple banks for a home loan? If i am approved in principle, does that also include the interest rate? Will a property evaluation only be done if i accept the banks offer?

So confused about the processes involved in applying to multiple institutes.

Tia

Yes you should apply to multiple. As far as I remember approval in principle includes a rate. They will often inspect the property before approval, but it also depends on the type of property, neighbourhood, how much you're applying for etc.

Imo you should use a bond originator, I can refer you to an excellent one. Also be aware that while you can apply to multiple banks, they won't entertain multiple applications for the same property and same client so either use an originator or DIY.